Will SSPF Pass to Self-financing?

The State Social Protection Fund (SSPF) can move to self-financing.

Speaking in the Parliament in the second block of hearings on the SSPF draft budget for 2015, the Chairman of the parliamentary committee on social policy Hadi Rajabli reported that government contributions to the Fund will be gradually reduced. Thus, the transfers from the state budget to the SSPF in the next year, compared with the current year, will be reduced by 42 million manat. The reason for this will be the growth of revenues from the compulsory social insurance, primarily through the private sector, he said.

According to the Chairman of SSPF, Elman Mehdiyev, the decision to reduce transfers from the state budget is justified by serious progress in the legalization of labor and remuneration, which increases revenues on the said position.

Recall more than a third (36% or AZN 1.1 billion) of the SSPF income is planned to form due to transfers from the state budget. Contributions to the SSPF under compulsory social insurance are projected at 1,950,221,900 manat, including social insurance of employees of budget organizations - 604 062 800 manat. --17D-